CARROLS RESTAURANT GROUP, INCfalse000080924800008092482020-11-052020-11-05

Washington, D.C. 20549

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 12, 2021
Carrols Restaurant Group, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
 incorporation or organization)
 File Number)
(I.R.S. Employer
 Identification No.)
 968 James Street
Syracuse, New York13203
     (Address of principal executive office)(Zip Code)
Registrant’s telephone number, including area code:(315) 424-0513
(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareTASTThe NASDAQ Global Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. OTHER EVENTS.

On November 12, 2021, Carrols Restaurant Group, Inc. (the “Company”) partially terminated its existing interest rate swap with Wells Fargo Bank, N.A. to reduce the notional amount hedged from $220 million to $120 million. The reduction, which was at no cost to the Company, leaves the fixed rate and other terms of its swap arrangement unchanged and provides the Company with the flexibility to repay its outstanding borrowings, including borrowings under its Senior Credit Facilities which previously needed to be maintained at the hedged $220 million notional amount. It is the Company’s intention to repay the outstanding balance under its Revolving Credit Facility, which was approximately $47 million as of November 16, 2021, on or by November 30, 2021 with cash on hand, although there is no assurance the Company will repay a portion, or the entire amount, of its outstanding balance under its Revolving Credit Facility.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 16, 2021

By:/s/ Anthony E. Hull
Name:Anthony E. Hull
Title:Vice President, Chief Financial Officer and Treasurer